US STOCKS-Tech leads Nasdaq, S&P 500; Disney sparks media selloff

miércoles 5 de agosto de 2015 15:47 GYT
 

* Disney cuts cable unit profit forecast, stock slides

* First Solar rallies after earnings, guidance

* Dow flat, S&P up 0.4 percent, Nasdaq up 0.8 percent (Updates to early afternoon)

By Tanya Agrawal

Aug 5 (Reuters) - The S&P 500 and Nasdaq Composite rose on Wednesday following three days of losses as tech shares advanced, while the blue-chip Dow index was flat, weighed down by Disney's largest daily drop in seven years.

Gains in major tech companies Google, Facebook and Apple led the advance on the Nasdaq. The S&P 500 tech sector gained 1.2 percent, its best performance in three weeks.

Earnings in the technology sector of the S&P 500 are expected to have grown 5.3 percent in the second quarter, up from a 2.1 percent increase expected back on July 1, according to the most recent Thomson Reuters I/B/E/S data.

"There's been a sector rotation into technology because of the improvement in their earnings expectations," said Chad Morganlander, portfolio manager at Stifel, Nicolaus & Co in Florham Park, New Jersey.

He said , however, the market's move is "a modest bounce back after discernable pressure over the last trading sessions."   Continuación...